DIF Capital Partners (DIF) announced that DIF Infrastructure III (DIF III) has signed an agreement to sell its stakes in three Irish roads to Semperian PPP Investment Partners (Semperian).
The Irish roads portfolio consists of shareholdings in three projects that DIF invested in between 2013 and 2016: M3 Motorway, M4 Motorway and M50 Motorway. The M3 and M4 Motorway projects are demand-based toll roads and the M50 Motorway is an availability-based public private partnership. DIF has optimised these projects throughout its ownership and worked closely with the local management teams to successfully steer the roads through the Covid-19 pandemic. The sale of these assets means DIF III is almost fully divested as the end of the fund life approaches.
DIF was advised on the transaction by Cantor Fitzgerald (financial), HSF (legal), Arthur Cox (Irish counsel), Jacobs (technical) and KPMG (tax & accounting). Closing of the transaction is expected to take place in Q3 2022 subject to the receipt of customary approvals and consents.